GST appeal partly allowed; demand reduced from Rs 3.52 cr to Rs 1.04 cr
LUMAXTECH · price
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On the reaction day the stock moved 3.7 pts more than Nifty Microcap 250 and 3.6 pts more than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Lumax Auto Technologies won partial relief in its GST appeal before the Joint Commissioner of State Tax, Pune Division-2. The original demand of Rs 3,52,19,923 (including interest and penalty) for FY2019-20 under the Maharashtra GST Act was reduced to Rs 1,03,78,580. The demand relates to alleged short payment or wrong input tax credit. The company plans to file a further appeal before the Tribunal.
Favorable outcome cuts tax liability by about Rs 2.48 crore; company to appeal further, so final amount remains unsettled.